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Forex: EUR/USD testing session lows around 1.3070/75

The euro is navigating in session lows in the vicinity of 1.3070/75, as the risk-off mode is prevailing in the global markets, keeping the euro demand subdued.

Moving forward to tomorrow’s calendar, the single currency would be put to the test as final figures of the manufacturing PMI in the euro area will be the most relevant releases, ahead of the German Retail Sales and EMU/Italy inflation figures and unemployment rate.

At the moment, the pair is down 0.49% at 1.3049 facing the next support at 1.3047 (Ichimoku cloud base) would aim for 1.3041 (low Feb.27) and finally 1.3018 (low Feb.26).
On the upside, resistance levels align at 1.3163 (high Feb.28) ahead of 1.3170 (hourly cloud top) and then the psychological level at 1.3200

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The performance of USD/JPY over the last few months has been stunning, according to the HSBC analyst team. "Verbal intervention to this point has turned out to be very effective in weakening the JPY", they explain. "But perhaps this is only a phase the JPY is going through, arguably the first and easiest phase of a three-phase process".
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The dollar has continued to strengthen during the New York session, and recently broke above the 0.9350 area against the Swissy to reach its highest level in 6 weeks at 0.9371.
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